Robert Stein (1950)

Robert Stein (1972)

Robert Stein (2000s)

About Me

editor, publisher, media critic and journalism teacher,
is a former Chairman of the American Society of Magazine Editors, and author of “Media Power: Who Is Shaping Your Picture of the World?” Before the war in Iraq, he wrote in The New York Times: “I see a generation gap in the debate over going to war in Iraq. Those of us who fought in World War II know there was no instant or easy glory in being part of 'The Greatest Generation,' just as we knew in the 1990s that stock-market booms don’t last forever.
We don’t have all the answers, but we want to spare our children and grandchildren from being slaughtered by politicians with a video-game mentality."
This is not meant to extol geezer wisdom but suggest that, even in our age of 24/7 hot flashes, something can be said for perspective.
The Web is a wide space for spreading news, but it can also be a deep well of collective memory to help us understand today’s world. In olden days, tribes kept village elders around to remind them with which foot to begin the ritual dance. Start the music.

Wednesday, February 11, 2009

Baby-the-Banks Bailout

"The problem is that the 'lost faith' that Geithner talked about...cannot be restored as long as the taxpayers who are funding these wayward banks don’t have more control.

"Geithner is not even requiring the banks to lend in return for the $2 trillion his program will try to marshal, mostly by having the Fed print money out of thin air, thereby diluting our money, or borrowing more from China. (When, exactly, can China foreclose on us and start sending us toxic toys again?)

"There’s a weaselly feel to the plan, a sense that tough decisions were postponed even as President Obama warns about our 'perfect storm of financial problems.' The outrage is going only one way, as we pony up trillion after trillion."

This cautious approach is in striking contrast to the Obama Administration's all-in attitude toward the stimulus bill.

“If folks are still unemployed," the President told a Florida rally yesterday, "then you guys won’t employ me next time I come down here...I expect to be judged by results. I’m not going to make any excuses. If stuff hasn’t worked and people don’t feel like I’ve led the country in the right direction, then you’ll have a new president.”

Putting himself on the line this way, why is Obama unwilling to take on the banks more directly, as some of his advisers apparently wanted him to do?

Geithner's cautious, sketchy "plan" even sent Wall Street into a swoon. No one expects government to control the banks forever, but as long as taxpayers pour trillions into their greedy little hands, someone should be making sure they are keeping their sticky fingers clean.